Canada Records Surprise Trade Surplus in June
$638 million Surplus Driven by Exports
Increased Oil and Gold Exports Boost Economy
Canada's international trade performance in June defied expectations as the country recorded a surprise trade surplus of C$638 million (US$461 million), according to data released on Monday. The surplus exceeded analysts' forecasts of a deficit and marks a significant turnaround from the deficit recorded in May.
The surplus was primarily driven by a surge in exports, which jumped by 5.5% in June compared to May. This growth was largely attributed to increased exports of crude oil and gold. Imports also rose by 1.9%, led by higher purchases of cars and light trucks.
The trade surplus has positive implications for Canada's economy as it boosts the country's foreign exchange reserves and contributes to economic growth. It also suggests that Canada's international trade competitiveness is improving, despite the ongoing global economic challenges.
Komentar